South Korea Bourse Tipped To Extend Losing Streak

(RTTNews) – The South Korea stock market has moved lower in two straight sessions, sliding almost 25 points or 1 percent along the way. The KOSPI remains just above the 2,380-point plateau and it may take further damage again on Thursday.

The global forecast for the Asian markets is negative on rising coronavirus cases and fading optimism for stimulus. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.

The KOSPI finished modestly lower on Wednesday following losses from the financial shares, technology stocks, industrials and oil and chemical companies.

For the day, the index sank 22.67 points or 0.94 percent to finish at 2,380.48 after trading between 2,375.54 and 2,405.56. Volume was 880 million shares worth 10.5 trillion won. There were 638 decliners and 227 gainers.

Among the actives, Shinhan Financial declined 1.41 percent, while KB Financial plunged 3.61 percent, Hana Financial surrendered 3.00 percent, LG Electronics dipped 0.33 percent, SK Hynix tumbled 1.93 percent, Samsung SDI skidded 1.57 percent, LG Chem tanked 2.48 percent, Lotte Chemical fell 1.13 percent, S-Oil sank 2.24 percent, SK Innovation lost 2.06 percent, POSCO retreated 2.20 percent, SK Telecom plummeted 4.95 percent, KEPCO advanced 0.71 percent, Hyundai Motor shed 0.56 percent, Kia Motors was down 2.29 percent and Samsung Electronics was unchanged.

The lead from Wall Street is soft as stocks moved mostly lower on Wednesday, extending losses from the previous session.

The Dow shed 165.81 points or 0.58 percent to finish at 28,514.00, while the NASDAQ dropped 95.17 points or 0.80 percent to end at 11,768.73 and the S&P 500 fell 23.26 points or 0.66 percent to close at 3,488.67.

The weakness on Wall Street followed comments from Treasury Secretary Steven Mnuchin, which offset recent optimism about a new stimulus bill. He said getting something done on a new stimulus bill before the election “would be difficult.”

A negative reaction to the latest batch of earnings news also weighed, with Bank of America (BAC) shares falling sharply after the financial giant reported Q3 earnings that beat estimates but missed on revenues. Wells Fargo (WFC) and UnitedHealth (UNH) also were key drags.

Crude oil prices moved higher Wednesday despite concerns about the energy demand outlook amid a continued surge in coronavirus cases and fresh lockdown restrictions. West Texas Intermediate Crude oil futures for November ended up $0.84 or 2.1 percent at $41.04 a barrel.

This post was originally published on this site